Trump weighs in on cryptocurrencies

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"We have only one real currency in the United States of America, and it is stronger than ever, both dependable and reliable".

Having rose from a local low of $11,187 to $11,532 late evening on July 11, BTC was on the up moments before Trump's tweets began.

"Similarly, Facebook Libra's "virtual currency" will have little standing or dependability".

According to the POTUS, Facebook has to seek a new Banking Charter, becoming subject to all national and worldwide banking regulations in order to provide financial services.

The price of Bitcoin fell nearly 8% on Thursday after Powell's comments.

According to him, crypto is not money, it's based on thin air, and is highly volatile with unregulated coins facilitating illegal activities, such as drug trade.

The American billionaire leader has slammed the growing popularity of cryptocurrencies, stressing that digital assets only facilitate illegal activity and are made out of "thin air" - unlike, of course, the "reliable" USA dollar.

With nearly 62 million followers on Twitter, Trump has made crypto famous by getting 12,300 retweets, 41,000 likes, and 12,600 comments (and still counting) just for his first tweet.

Crypto markets shrugged off Trump's tirade, with bitcoin trending up to stand at $11.618 in morning trading.

Industry executives generally responded positively towards the remarks of Powell on the acknowledgment of bitcoin as a store of value and an alternative to gold, indicating that the perception of the public and the authorities toward crypto assets may be changing.

The phenomenon underscores bitcoin's newfound resilience to external criticism.

The post Donald Trump attacks Bitcoin appeared first on Coin Rivet.

His American counterpart at the Federal Reserve also broached the topic Wednesday and Thursday when testifying before Congress.

eToro senator market analyst Mati Greenspan wrote yesterday: "The last time he was asked about Libra, Fed Chairman Jerome Powell stated that he did not feel that it posed a risk but yesterday it was quite clear that the Fed is now on high alert".

The ubiquity of smartphones means digital wallets for Libra could expand the use of banking, credit card services and e-commerce in developing nations.

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